Location: Carroll County, MO | Metro: Carroll County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The ZIP code 64623 represents a unique opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 464, 15.5% of residents are renters, indicating a modest but present rental market. The median household income in this area stands at $53,359, which is crucial when assessing the suitability of the tenant pool.
The typical market rent of $842 per month consumes approximately 15.7% of the median household income. This figure is calculated by dividing the monthly rent by the annual income and multiplying by 12. Given that the Fair Market Rent (FMR) for the metro area is set at $890 for FY 2026, it's evident that the current market rent is slightly below the FMR, suggesting that rents in 64623 are competitive and aligned with federal standards.
Landlords in ZIP 64623 can expect a tenant profile characterized by individuals who rely on housing vouchers to afford living expenses. The demand for Section 8 vouchers is likely to be high due to the relatively low median income and the fact that rental costs represent a significant portion of their earnings. It's important to note that while the rental market is not overwhelmingly dominated by renters, the presence of a sizeable voucher-using population indicates a need for affordable housing options.
To summarize, ZIP 64623 offers a niche market for landlords willing to accept Section 8 tenants. The rent-to-income ratio of 15.7% is manageable, and the proximity to the FMR of $890 supports the viability of renting properties at market rates. Landlords should prepare for a tenant base that is financially dependent on government assistance to meet housing costs.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.